Non-Executive Director - Audit and Finance committee Chair

It is anticipated that commitment to the role will be around 12-15 days per year (this is based on four board meetings and four Audit and Finance committee meetings per year, plus preparation and any follow up actions required).

This Independent Director’s term is for three years, which may be renewed for a further three years (i.e. totalling six years). Any further extension will be following rigorous review and in any event, will be for a maximum of a further three years (i.e. totalling nine years).

Skills, Qualities and Experience:

The following skills, qualities and experience are required:

Essential

• be free of any conflict of interest that is prohibited under English law Articles of Association as may be amended from time to time;
• an interest and experience in consumer marketing, specifically within social media and the commercial dynamics of business and business strategy
• experience in and be able to demonstrate logical thinking and influencing skills at board level;
• an appreciation of the political and regulatory environment that financial services operates within today;
• an openness towards new ideas and innovation;
• to have integrity, an inquiring mind, and be able to ask hard questions;
• be proactive and cooperative, have the ability to work well with others, including the ability to constructively work through contentious issues, and demonstrate a desire to find a solution;
• have an understanding of managing diverse stakeholder interests and a demonstrable ability to bring about successful outcomes and solutions;
• be committed to striving to achieve the best outcome for all participants, employees, and service users, as a whole; and demonstrate recognition and comprehension of purpose going forward;

Desirable

• a working understanding of and experience in audit and finance and the ability to effectively chair audit and finance committee meetings;
• an understanding of competition law, and how it impacts in the environment. Operates in from a regulatory and governance point of view, and more widely; and
• have knowledge and awareness of the Payment Systems Regulator, and/or economic regulation more broadly and experience of interacting, communicating and working alongside economic regulators.

Your duties will be to:

• make a creative, committed and collaborative contribution to the board, to assist in securing an innovative and successful future for the service;
• effectively and efficiently chair the audit and finance committee and to report to the board as appropriate;
• ensure that the public interest to promote long term innovation in the payments industry and as otherwise outlined in this job description are met;
• ensure that the interests of consumers, innovators and challenger industry players are fully considered by the board;
• engage fully in reasoned debate, and to ensure that you are well informed to be able to contribute and discuss issues in depth both during and outside of meetings;
• contribute to the positive promotion of the service both internally and externally and to behave in a manner which is consistent with the delivery of its values, purpose and/or any mission statement from time to time, and which would not damage the reputation of the service;
• have due regard to the company’s diversity policy and/or statement of principle from time to time;
• read primary material ahead of meetings and to be prepared to provide input and ideas during meetings, being able to discern between, and deal appropriately with, material issues versus minor or subjective comments and to be in a position to come to conclusions and make decisions both during meetings and offline; and
• scrutinise the performance of senior management in meeting agreed goals and objectives.

In accepting this appointment, the Independent Director has confirmed that the successful candidate is willing and able to allocate sufficient time to meet the expectations of this role. It is anticipated that the successful candidates will commit around 12-15 days per year to the role (this is based on four board meetings and four Audit and Finance committee meetings per year, plus preparation and any follow up actions required). In line with best practice, the Board will review annually the minimum number of days required for the proper discharge of duties. Most meetings will be held in London.

Conflicts and independence

It is accepted and acknowledged that the Independent Director may have business interests other than those of the Board and have declared any current conflicts of interest. In the event that they become aware of any potential or actual conflicts of interest, these should be disclosed to the Company as soon as they become aware of such conflict.

The annual fee for this Independent Director position is £15K.